
The New York Attorney General announced a $45 million settlement -- $30 million in restitution, $10 million in penalties and $5 million in fee reductions -- with Fred Alger Management to resolve allegations of unlawful trading of mutual funds through market timing. The restitution and penalty portions of the settlement were negotiated together with the SEC, which issued its own announcement; For more info visit https://web.archive.org/web/20101111164223/http://www.ag.ny.gov/media_center/2007/jan/jan18a_07.html